Fresh whole milk priced at $20 in 1998 $33.82 in 2024

Fresh Whole Milk Inflation Calculator

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Prices for Fresh Whole Milk, 1998-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for fresh whole milk are 69.09% higher in 2024 versus 1998 (a $13.82 difference in value).

Between 1998 and 2024: Fresh whole milk experienced an average inflation rate of 2.04% per year. This rate of change indicates significant inflation. In other words, fresh whole milk costing $20 in the year 1998 would cost $33.82 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.53% during this same period, inflation for fresh whole milk was lower.

In the year 1998: Pricing changed by 3.53%, which is above the average yearly change for fresh whole milk during the 1998-2024 time period. Compared to inflation for all items in 1998 (1.55%), inflation for fresh whole milk was higher.

Price Inflation for Fresh whole milk since 1939

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1974 (19.81%), 2009 (-15.68%), and 1946 (14.88%).

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Buying power of $20.00 since 1998

Below are calculations of equivalent buying power for Fresh whole milk, over time, for $20 beginning in 1998. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1998$20.003.53%
1999$21.125.61%
2000$21.220.45%
2001$22.435.70%
2002$21.92-2.26%
2003$21.970.22%
2004$24.7912.85%
2005$25.000.85%
2006$24.55-1.81%
2007$27.7713.11%
2008$29.375.76%
2009$24.77-15.68%
2010$25.854.37%
2011$28.339.60%
2012$28.560.83%
2013$29.031.62%
2014$30.796.08%
2015$28.81-6.44%
2016$27.46-4.67%
2017$27.17-1.06%
2018$26.45-2.65%
2019$27.112.48%
2020$28.756.05%
2021$30.205.06%
2022$34.4113.94%
2023$34.15-0.75%
2024$33.82-0.98%*

* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.


Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Fresh whole milk:

Year19391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
CPI18.53819.11520.84622.51523.85424.16924.20027.80031.10834.66233.16932.23835.76237.52337.09236.33136.37737.46938.79239.51539.90040.84640.99240.80040.58540.72340.51543.10844.82346.71548.00850.03851.41552.15457.08568.39268.48572.06972.80077.01585.85493.48598.76999.30099.969100.723102.300101.708103.638106.038114.269126.669122.392126.431127.892131.162131.115141.092142.877147.923156.223156.923165.869162.115162.477183.362184.923181.585205.397217.220183.170191.173209.530211.266214.683227.740213.082203.133200.974195.638200.491212.621223.383254.519252.607250.130

Adjust fresh whole milk prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 1998 * 1998 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Fresh whole milk was 147.923 in the year 1998 and 250.130 in 2024:

250.130 / 147.923 * $20 = $33.82

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 1998 has the same "purchasing power" as $33.82 in 2024 (in the CPI category of Fresh whole milk).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Fresh whole milk in 1939. In addition to fresh whole milk, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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